State-run Land Bank of the Philippines headed by bankero Cecilia Borromeo has distributed about 9.8 million cash cards to beneficiaries of major social protection programs of the Department of Social Welfare and Development (DSWD).
As of end March, the country’s second largest bank in terms of assets provided cash cards to 4.4 million conditional cash transfer (CCT) beneficiaries and 5.4 million unconditional cash transfer (UCT) beneficiaries covering the DSWD’s social pension and “listahanan” beneficiaries.
“On top of ensuring the timely and safe disbursement of government subsidies to the country’s most vulnerable sectors, the distribution of Landbank cash cards advances our efforts to bring more Filipinos into the formal banking system,” the bankero said.
Borromeo pointed out that this forms part of Landbank’s contribution to the National Government’s inclusive and sustainable development agenda.
CCT and UCT beneficiaries can use the cash cards to withdraw from Landbank ATMs and agent banking partners as well as make cashless purchases in groceries and drugstores nationwide.
The cash cards were recently upgraded into transaction accounts to provide beneficiaries with wider access to an array of banking services, including cash card loading via Landbank branches, fund transfers through the Landbank mobile banking app, and cash-in via Landbank cash deposit machines.
Landbank disbursed a total of P133.61 billion in cash grants to more than seven million CCT and UCT beneficiaries nationwide last year.